Does anybody else find it annoying that you can only use one item that enhanes a particular attribute at a time? FOR EXAMPLE only being able to use one item that adds to armour class, like only being able to wear a ring, instead of two rings and a cloak? does the patch get rid of this or do I have to live with it?

I know what you mean!! I hate that in order to use one item, I have to get rid of another...it is pure "sucky".
I guess the reason is to not allow us too much power. But still...

The patch doesn't get rid of it since it isn't a bug in the first place - it's probably to help balance the game. Think of what you'll get with all the 'dime-a-dozen' rings of protection +1 and cloaks +1 lying around!! Anyway, there're other rings to satiate your 'vanity' , aren't there? Ring of Free Action, Ring of Prot. from Fire, et al.